A set of amendments to the Latvian Insolvency Law and the Civil Procedure Law was adopted on 31 May 2018. The amendments partially entered into force in July, another part will enter into force in 2019 and some of the amendments still require adoption of secondary legislation. The scope of the amendments is rather broad and this review focusses on several of the issues covered by them.
Latvia’s capital city, Riga, adorned with the beautiful architecture of the Art Nouveau period, played host for the first time to an EECC conference, the 14th in the series.
Another package of amendments to Latvian Insolvency Law was adopted in the end of last year. It has partially come into force in January this year; however, the largest part of them will come into force on 1 July 2017, and thereafter. Amendments to the Civil Procedure Law affecting insolvency and restructuring proceedings came into force in January, as well. Legal protection proceedings An “open market” principle has been introduced with regard to persons who are entitled to supervise restructuring proceedings.Read more
The decision from the Court of Appeal was handed down on 1 March 2017 and has confirmed that if a trust is created by an IVA that trust will continue in the absence of specific terms to bring it to an end. This is despite a debtor having received his certificate of discharge and confirmation that he has no liability to IVA creditors.Read more
After two years of fierce debate a major package of amendments is going to enter into force on 1 March 2015 in Latvia. The most controversial are those relating to personal bankruptcy. Firstly, after the sale of the debtor’s dwelling that served as collateral, the remainder of the debtor’s obligations towards the secured creditor will be discharged automatically, without applying a discharge procedure.Read more
One very controversial judgement was the subject of a hot public debate and almost an international scandal at the beginning of 2012 in Latvia.Read more